Gigamedia Cuts Staff by 17%

Updated Sept. 20, 2002 4:47 a.m. ET

Taiwan's Gigamedia Ltd. plans an across-the-board work-force reduction of 17%, or 40 people, that will result in a third-quarter restructuring charge of NT$5.9 million (US$172,000). In a press release Friday, the Taiwan entertainment and Internet service provider said it will have about 200 people left following the job cuts, which should lead to annualized cost savings of about NT$42 million. In January, the company cut 80 jobs, which represented 22% of its then-work force. Gigamedia expects minimal impact on service quality due to the company's continuous improvements in process and system...